Caterpillar Total Operating Expenses increased by 12.9% to $16.47B in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 23.9%, from $13.29B to $16.47B. Over 4 years (FY 2021 to FY 2025), Total Operating Expenses shows an upward trend with a 6.4% CAGR. This is a positive signal — lower values indicate better performance for this metric.
Rising expenses without a corresponding rise in revenue can indicate operational bloat or aggressive expansion efforts.
The sum of all costs required to run the business that are not directly tied to production, including R&D and SG&A. It r...
Investors compare this to revenue to assess the 'operating leverage' of a business model.
is_total_operating_expenses| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $11.10B | $10.73B | $12.19B | $11.73B | $12.30B | $12.57B | $14.92B | $13.13B | $13.67B | $13.36B | $13.94B | $12.28B | $13.21B | $12.96B | $13.29B | $11.67B | $13.71B | $14.59B | $16.47B |
| QoQ Change | — | -3.3% | +13.5% | -3.7% | +4.8% | +2.2% | +18.7% | -12.0% | +4.1% | -2.2% | +4.3% | -11.9% | +7.5% | -1.9% | +2.6% | -12.2% | +17.5% | +6.4% | +12.9% |
| YoY Change | — | — | — | — | +10.8% | +17.1% | +22.4% | +11.9% | +11.1% | +6.3% | -6.6% | -6.5% | -3.4% | -3.0% | -4.6% | -5.0% | +3.8% | +12.6% | +23.9% |
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